Primo Brands (NYSE:PRMB) Given New $39.00 Price Target at Bank of America

Primo Brands (NYSE:PRMB - Get Free Report) had its price objective reduced by equities researchers at Bank of America from $42.00 to $39.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price target suggests a potential upside of 27.89% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Morgan Stanley started coverage on Primo Brands in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price for the company. Barclays reduced their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Finally, Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $40.70.

Primo Brands Price Performance

PRMB opened at $30.50 on Friday. Primo Brands has a 12-month low of $24.41 and a 12-month high of $35.85. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The stock has a fifty day simple moving average of $31.02 and a two-hundred day simple moving average of $32.12. The company has a market cap of $11.48 billion, a price-to-earnings ratio of -381.14, a price-to-earnings-growth ratio of 0.57 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The business's revenue for the quarter was up 42.1% compared to the same quarter last year. Research analysts predict that Primo Brands will post 1.13 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the transaction, the director directly owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 58.40% of the company's stock.

Institutional Investors Weigh In On Primo Brands

Several hedge funds have recently made changes to their positions in PRMB. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $30,000. IFP Advisors Inc acquired a new stake in Primo Brands during the 1st quarter valued at approximately $40,000. Versant Capital Management Inc grew its position in Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the period. New Age Alpha Advisors LLC bought a new position in Primo Brands during the 1st quarter valued at $43,000. Finally, Parallel Advisors LLC grew its holdings in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after buying an additional 902 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.

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